Hospitality is the relationship between a host and a guest. It is based on graciousness, generosity, and the understanding of the needs of both parties. The hospitality industry includes hotels, restaurants, event planning, theme parks, cruises, and many other businesses that provide services and experiences to travelers and guests. Hospitality is important because it creates an environment of welcome and comfort for guests, which in turn promotes positive relationships between the host and guest. Hospitality also helps to ensure that guests have a pleasant and memorable experience while they are away from home.
Trends
- Social Media Presence: With the proliferation of social media, it is now more important than ever for hotels and restaurants to have a strong presence on popular platforms such as Facebook, Twitter, and Instagram. Guests are looking for more ways to engage with and learn about their favorite places to stay and eat, and social media is a great way to do this.
- Personalized Experiences: According to research, millennials are now the largest spending demographic in the hospitality industry and they expect more personalized and unique experiences when they travel. This means that hotels and restaurants should be looking for ways to provide personalized experiences for their guests.
- Technology: Technology has become increasingly important in the hospitality industry as it provides a way to improve the customer’s experience. Hotels and restaurants should be investing in technology that can help streamline processes and make the customer’s experience easier and more enjoyable.
- Sustainability: In recent years, sustainability has become a major trend in the hospitality industry. Hotels and restaurants should be looking for ways to reduce their impact on the environment and adopt sustainable practices. This includes reducing energy and water consumption, using sustainable materials, and reducing food waste.
Stats
- The industry accounted for 10.4% of the global GDP in 2018
- The global hospitality industry is estimated to be worth $8.5 trillion in 2018.
- The global hospitality industry is expected to grow by 4.2% annually over the next 10 years.
- The US hospitality industry is projected to add 1.8 million jobs by 2028.
- The global hotel industry had an estimated occupancy rate of 66.2% in 2018.
- In the US, the average daily rate (ADR) of a hotel room was $132 in 2018.
- Online travel booking sites are estimated to account for more than 50% of all hotel reservations.
- The global restaurant industry had an estimated value of $2.7 trillion in 2018.
- 2. The total number of hospitality jobs worldwide is expected to reach approximately 197 million by 2029.
Start-ups
- Incruises
- Resy: Resy is a reservation and hospitality management platform that helps restaurants increase their revenue and provide a better customer experience.
- Toast: Toast is a restaurant management platform that helps restaurants increase their efficiency, streamline operations, and provide better customer experiences.
- SevenRooms: SevenRooms is a hospitality platform that helps restaurants and hotels manage their customer relationships and optimize their operations.
- ALICE: ALICE is a hospitality platform that helps hotels improve guest experiences and streamline operations.
- Atrium: Atrium is a hospitality platform that helps restaurants and hotels streamline operations, manage customer relationships, and provide a better customer experience.
Key words
- Tech
- Digital Marketing
- Sustainability
- Hospitality
Go check BAs & Ms specialized in digital marketing, hospitality & sustainability
Learn from experts on the subject
Go check start-ups that hires in the field